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Q 1/25
Score 0
The essential difference between a command economy and a market economy is that in a market economy __________.
30
the prices of products and resources are largely determined by government regulation of businesses
buyers and sellers determine resource allocation
central planning creates an effective incentive system for consumers and producers
shortages occur more often than surpluses
Q 2/25
Score 0
Which is a basic economic question that must be answered by all economic systems?
30
How will goods and services be produced?
What will be the amount of the minimum wage for workers?
What will be the share of profits that go to businesses?
How will the government collect income taxes?
25 questions
Q.
The essential difference between a command economy and a market economy is that in a market economy __________.
1
30 sec
Q.
Which is a basic economic question that must be answered by all economic systems?
2
30 sec
Q.
A basic role of entrepreneurs in the economy is to __________.
3
30 sec
Q.
Which would most likely increase the productivity of labor?
4
30 sec
Q.
Jess sells candles. She tracks the different prices people are willing and able to pay for the same kind of candle. Only one person wanted the candle for $8. This is an example of __________.
5
30 sec
Q.
A box of 6 fruit bars costs $3, which is 50 cents a bar. A box of 36 fruit bars costs $6, which is 17 cents a bar. Consumers pay less when they buy in bulk because of which economic concept?
6
30 sec
Q.
The United States economy is best described as __________.
7
30 sec
Q.
Which of the following is a way in which private property supports economic growth?
8
30 sec
Q.
Which of the following is an example of the rule of law in economics?
9
30 sec
Q.
Even when a country has __________ in producing everything, it still makes sense to __________ and produce those goods and services in which it has __________. If it does, more output can be produced.
10
30 sec
Q.
Managers, technical trainers, and accountants are examples of a company’s __________.
11
30 sec
Q.
Which of the following statements is true about investments in physical and human capital?
12
30 sec
Q.
Which of the following is true about the financial markets?
13
30 sec
Q.
Which the following statements are true about how technology advancement stimulates economic growth?
14
30 sec
Q.
Which of the following are reasons the government decides to tax?
15
30 sec
Q.
Which of the following best describes economic freedom?
16
30 sec
Q.
Which of the following factors influence a country’s level of economic freedom?
17
30 sec
Q.
A simple definition of economics is that it is the science of _____.
18
30 sec
Q.
If there are not enough goods, services, and resources available for everyone to have everything they need or want, it is called ________.
19
30 sec
Q.
What type of productive resource are iron ore, timber, tuna, and crude oil examples of?
20
30 sec
Q.
Which type of economy relies on social customs to answer the economic questions of the nation?
21
30 sec
Q.
In addition to the rule of law and protections for property rights, economies require a high level of ______________ to prosper. Rivalry among businesses and free trade across economies create opportunities for individuals with all types of backgrounds to create wealth for themselves and others as they pursue their private interests.
22
30 sec
Q.
The theory that consumers primarily influence production decisions in a market economy.
23
30 sec
Q.
The aspects of the economy that are owned, managed or provided to the market by individuals or businesses.
24
30 sec
Q.
An economic situation in which individuals pursue self-interest by trying to maximize the benefit of a community-owned resource, eventually spoiling or overusing it until it has no value for anyone.
